Thursday, 08 December 2016

PfP buys into retirement sector

Places for People has made a move into the retirement business by buying up a portfolio of 271 properties in the sector.

The 66,000-home association bought the properties this week for £18.35 million from Grainger, the UK’s largest listed private landlord.

It has also today formed a partnership with a retirement property rental management company called Girlings.

Girlings lets and manages 2,500 properties in more than 500 retirement developments across the UK.

The company will manage the properties in the south and south east on behalf of Places for People.

Mary Parsons, group director, business development at Places for People, said: ‘There is a huge potential growth market in the retirement sector that we are well positioned to capitalise upon.

‘This market is set to grow by 55 per cent in the next 20 years, and by using our experience and skills across the group, we will offer people a broader mix of housing across all tenures, supported with our domiciliary care, financial, and other lifestyle products alongside Girlings’ specialist management expertise.’

Peter Girling, chairman and chief executive at Girlings Retirement Rentals, said: ‘Our population is ageing, and by 2030 one in three people in the UK will be over 55.

‘We have seen enquiries for our retirement rental properties rise by 32 per cent over the past few years, together with a growing demand for more diverse housing and lifestyle services for older people

‘By working with Places for People we can help meet this increasing demand.’

Newsletter Sign-up

Related

Articles

  • SFHA chief announces retirement

    22 September 2016

    The chief executive of the Scottish Federation of Housing Associations (SFHA) has announced she will leave the organisation next year.

  • Derwent and PfP enter merger talks

    12 September 2016

    Places for People has begun merger talks with Derwent Housing Association, the landlord has told investors.

  • PfP issues £400m unsecured bond

    12 August 2016

    Places for People (PfP) has taken advantage of the falling cost of government debt to issue a £400m bond – the largest issued by a single association in the sector’s history.

  • Moody's downgrades PfP rating

    25 July 2016

    Moody’s has downgraded the credit rating for Places for People from A2 to A3, saying the landlord’s diversification from social housing has introduced more risk compared to other housing associations.

  • PfP launches energy procurement framework

    20 May 2016

    A new energy procurement framework has been launched by a housing association’s procurement club.

IH Subscription